Author: Nisha Chawla

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting, which started on Monday, has caught the attention of home and car loan borrowers, hoping for some good news. RBI Governor Shaktikanta Das will announce the outcome of the meeting on Wednesday, October 9, and though many are expecting no immediate changes in interest rates, there is some relief in sight. Experts suggest that while the repo rate—currently at 6.50%—is unlikely to change this time, a reduction in home loan interest rates could be on the horizon. Borrowers might see a reduction of up to 0.40% on their loan…

In today’s world, debit and credit cards are part of everyday transactions. When you look closely at these cards, you’ll often see logos such as RuPay, VISA, or MasterCard. These names are more than just labels; they represent different payment networks that power your card transactions. Each of these networks offers distinct features, benefits, and charges. Understanding the differences between RuPay, VISA, and MasterCard can help you make an informed decision when applying for or renewing your card. With the Reserve Bank of India (RBI) now allowing customers to choose their preferred payment network from September 2024, knowing the pros…

If you haven’t used your savings account for a long period, it might be declared dormant by the bank. This means the account is temporarily inactive but not closed. As per RBI guidelines, a bank account becomes dormant when there is no activity (such as deposits or withdrawals) for 10 years. Although dormant, these accounts can still earn interest on your savings, and reactivating them is a simple process. Here’s how to understand dormant accounts and how you can easily reactivate yours without facing any penalties. What is a Dormant Account? A dormant account, also called an inactive account, is…

If you’re someone who frequently uses ATMs, it’s important to stay updated with the latest changes regarding withdrawal limits and charges. Every bank has its set limits for daily cash withdrawals, which depend on the type of ATM card and bank policies. Some banks allow up to Rs. 40,000 daily, while others extend the limit to Rs. 50,000. These limits ensure customer security and control cash flow. However, for higher withdrawal needs, you might need to either withdraw directly from the bank or wait for the next day. Higher Withdrawal? Know Your Options If you need to withdraw more cash…

As the festive season kicks in, many people in India start planning big purchases, like buying a new car. This year, several banks are offering exciting car loan deals with low interest rates, attractive EMI options, and even zero processing fees to make it easier for you to own your dream car. We’ve gathered some key information about the best car loan offers from top banks to help you make an informed decision. Car Loan Essentials: What You Should Know Before diving into the bank-wise details, it’s important to understand some basics about car loans: Bank-Wise Car Loan Offers for…

When faced with an urgent need for a large sum of money, many people turn to loans. However, if you’re self-employed or have lost your job, getting a personal loan can be challenging, and even if approved, the interest rates are often high. In such situations, a loan against property (LAP) can come to your rescue. Whether you own a residential or commercial property, you can use it as collateral to secure a substantial loan amount at lower interest rates. Here’s everything you need to know about taking a loan against property and how it can be beneficial for you.…

For those who are self-employed, such as freelancers, gig workers, or small business owners, managing money can be more challenging compared to salaried individuals. Without the security of a fixed monthly paycheck, it becomes crucial to carefully plan finances to ensure both stability and future growth. While income can fluctuate from month to month, with some months bringing in more than expected and others much less, strategic financial planning can still provide long-term security. Here are some simplified financial planning tips designed to help self-employed people manage their irregular income effectively. 1. Set Up a Baseline Budget for Essentials The…

The festive season in India is a time when everyone indulges in shopping, whether it’s for Dussehra, Diwali, or the ongoing sales. But did you know that by choosing the right credit card, you can enhance your shopping experience with great cashback offers, reward points, and special discounts? Whether you shop online or offline, many credit cards offer exciting benefits that can make your festive season even more rewarding. In this guide, we’ll take a look at some of the best cashback credit cards that you can use during this festive season and get the most value for your money.…

Fixed Deposits (FDs) are a popular investment option for those looking for safe and steady returns. The interest rates offered by banks on FDs vary, and with the upcoming RBI Monetary Policy Committee meeting, interest rates may be revised soon. If you’re looking to invest in an FD, it’s essential to know the latest rates offered by major banks like SBI, HDFC Bank, and ICICI Bank. Here’s a comparison of FD rates offered by these three leading banks. SBI FD Interest Rates (October 2024) SBI offers interest rates for general and senior citizens, with higher returns for senior citizens. Here’s…

In the unpredictable journey of life, preparing for unforeseen events is crucial. One essential step in securing your financial assets is appointing a nominee for your bank accounts, insurance policies, and investments. The story of Rohit (name changed), a young professional who faced significant challenges after his untimely death, highlights the importance of this simple but vital action. Without a nominee, his family struggled to access the funds he had worked hard to accumulate. This situation serves as a wake-up call for everyone. What is a Nominee? A nominee is a person designated to manage and withdraw funds from an…